Granite Ridge Resources, Inc. (NYSE:GRNT) Announces $0.11 Quarterly Dividend

Granite Ridge Resources, Inc. (NYSE:GRNT) declared a quarterly dividend on Tuesday, February 18th,Wall Street Journal reports. Stockholders of record on Friday, February 28th will be paid a dividend of 0.11 per share on Friday, March 14th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 6.92%. The ex-dividend date is Friday, February 28th.

Granite Ridge Resources has a dividend payout ratio of 59.5% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Granite Ridge Resources to earn $0.71 per share next year, which means the company should continue to be able to cover its $0.44 annual dividend with an expected future payout ratio of 62.0%.

Granite Ridge Resources Stock Up 2.3 %

Shares of Granite Ridge Resources stock opened at $6.36 on Wednesday. Granite Ridge Resources has a 1 year low of $5.47 and a 1 year high of $7.10. The company has a market cap of $831.77 million, a P/E ratio of 17.67, a P/E/G ratio of 1.25 and a beta of 0.22. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.30. The stock has a 50-day moving average price of $6.34 and a 200 day moving average price of $6.28.

Insider Activity

In other news, Director Matthew Reade Miller purchased 41,000 shares of Granite Ridge Resources stock in a transaction dated Friday, December 6th. The stock was acquired at an average cost of $6.10 per share, for a total transaction of $250,100.00. Following the acquisition, the director now directly owns 772,491 shares in the company, valued at $4,712,195.10. This represents a 5.60 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Luke C. Brandenberg purchased 8,495 shares of the stock in a transaction that occurred on Wednesday, December 11th. The stock was purchased at an average cost of $6.10 per share, with a total value of $51,819.50. Following the purchase, the chief executive officer now owns 109,128 shares in the company, valued at $665,680.80. This represents a 8.44 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 54,001 shares of company stock worth $330,711 in the last 90 days. Company insiders own 1.90% of the company’s stock.

About Granite Ridge Resources

Granite Ridge Resources, Inc operates as a non-operated oil and gas exploration and production company. It owns a portfolio of wells and acreage across the Permian and other unconventional basins in the United States. Granite Ridge Resources, Inc is based in Dallas, Texas.